Shares of Amazon fell by more than 7 percent Wednesday morning after Axios reported that President Trump “hates” the company.
Axios Jonathan Swan reports:
Capitol Hill wants Facebook’s blood, but President Trump isn’t interested. Instead, the tech behemoth Trump wants to go after is Amazon, according to five sources who’ve discussed it with him. “He’s obsessed with Amazon,” a source said. “Obsessed.”
Swan reports that Trump has considered a number of ways to hurt Amazon, including:
- Changing Amazon’s tax treatment to defend brick-and-mortar retail.
- Using antitrust law or other competition law to go after Amazon.
“Trump’s deep-seated antipathy toward Amazon surfaces when discussing tax policy and antitrust cases. The president would love to clip CEO Jeff Bezos’ wings. But he doesn’t have a plan to make that happen,” Swan writes.